The analytical company Matrixport has published a report stating that the U.S. Securities and Exchange Commission (SEC) in January 2024 will not approve applications for the creation of spot Bitcoin ETFs.

Experts note that despite earlier optimistic forecasts regarding the launch of cryptocurrency investment funds, the situation may change sharply. According to Matrixport experts, the SEC will not consider the registration of spot ETFs in the near future.

The main reason for this situation, according to the analysis, is the impartial approach of the agency, which is ready to approve applications only if they meet the key requirements of the SEC, analysts note.

In addition, experts point to political factors. There are still a large number of Democrats in the leadership of the SEC, who are known to be skeptical of the cryptocurrency sector, as noted by Matrixport. The most influential figure among them is Gary Gensler, known for his negative comments about digital assets.

All these factors indicate that the SEC is not rushing to approve applications, and this process may extend until the second quarter of 2024, according to Matrixport.

In the event that the Commission again postpones the approval of applications for Bitcoin ETFs, this could trigger a chain reaction in the cryptocurrency industry, according to experts. This could lead to a drop in the price of Bitcoin to $36,000.

However, representatives of Matrixport maintain an optimistic outlook for 2024. Analysts believe that the upcoming presidential elections and the upcoming Bitcoin halving could have a positive impact on the price of the first cryptocurrency.